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Until a Corrupt Leader’s Ouster, Seizing Looted Assets Can Be an Exercise in Futility
By Colby Adams
printThe following is the first of a 2-part report describing why financial corruption often goes unchecked until a kleptocrat's ouster and how experts want to address the problem. Follow the headlines and you'll find an all too common story: the political winds shift, a leader is deposed and a fortune in dirty money is uncovered in a warren of offshore accounts. But why did no one stop the plundering sooner? To answer the question is to describe a Catch-22. Despite the financial sector's implementation of sophisticated anti-money laundering (AML) programs and a purported global focus on combating grand corruption, investigators...
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ACAMS moneylaundering.com recently spoke with officials from the FBI's kleptocracy squad about the unparalleled cooperation and inevitable difficulties in following the money.
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A Berlin-based advocacy group said Tuesday that Afghanistan, North Korea and Somalia remained the least trusted nations in the world for the second year in a row.
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Countries should require their political officials to publicly and verifiably disclose their assets and income in order to better combat bribery and embezzlement, the United Nations and World Bank said Wednesday.
Three intergovernmental groups are questioning the effectiveness of anti-money laundering controls meant to curb abuses of corrupt political figures who steal from their countries.
The Federal Reserve issues a cease-and-desist order against Royal Bank of Scotland for AML violations, the Federal Deposit Insurance Corp. hands out three AML-related enforcement actions, and more, in this week's roundup.
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International efforts to combat corruption associated with the political elite are only now beginning to bear fruit, buoyed by maturing anti-money laundering programs, say compliance consultants.
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